During Jan-Sep ’21 over 7.4 GW of solar capacity was added in India: Report
Solar installation in India accounted 60 percent of the total capacity additions registering a 335% increase y-o-y, during Jan-Sep 2021 period…
According to a recent report by Mercom India Research, India installed more than 7.4 gigawatts (GW) of new solar power capacity in the first nine months of 2021. As compared with the 1.73 GW installed in the same period last year, the solar capacity addition increased by 335% year-over-year.
The report stated that in the first nine months of 2021, India added more than 11.6 GW of power capacity. A total of 60 percent of the capacity additions came from solar power, followed by 21 percent from thermal power. In the period January-September 2021, renewable sources, including large hydro, accounted for 79 percent of all power capacity additions.
The report said that solar power installations in India surged by 547 per cent year-over-year in Q3 2021. India added 2,835 megawatts (MW) of solar power capacity in the third quarter of 2021, up 14 percent from 2,488 MW in the second quarter.
Raj Prabhu, CEO, Mercom Capital Group stated that despite supply challenges, the Indian solar market is set for one of its best years on record, after a difficult year in 2021 due to COVID-19. In his view, a strong 2022 is likely despite high component prices and uncertainties regarding transmission issues in Rajasthan associated with the Great Indian Bustard.
In addition, he noted that domestic manufacturers are ramping up production at a brisk pace as they seek to take advantage of the 40 percent basic customs duty that will be applied from April 2022. Further, as imports are to become more expensive in the second half of next year, it is expected that procurement strategies will change drastically.
The report also pointed out that module prices have increased for six consecutive quarters, a trend that has not been seen in the last ten years.
In India, solar energy is a rapidly growing industry as part of the renewable energy industry. At the end of October 2021, the country’s installed solar capacity was 47.7 GW
Connect with Power Insight: Facebook | LinkedIn | Twitter
